NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Lynne Close Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the company information page.
The significant accounting policies applied in the preparation of these financial statements are set out below.
2.Accounting policies
|
|
Basis of preparation of financial statements
|
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
As at 31 December 2022, the company had net liabilities of £11,445 (2021 - £5,139). During the year the company had a property development in progress and the director believes that the going concern basis is appropriate.
Work in progress is valued on the basis of direct costs incurred. A provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of the work in progress.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
The average monthly number of employees, including the director, during the year was 1 (period ended 31 December 2021 - 1).
|